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Entries for operating Lease - Lessee Mighty inc. leases some of the equipment it uses. The lease term in five years, and the lease payments are to be made in advance as shown in the following schedule. January 1, 2015 $ 60,000 January 1, 2016 60,000 January 1, 2017 90,000 January 1, 2018 110,000 January 1, 2019 140,000 Total $460,000 The equipment is to be used evenly over the five - year period. For each of the five years, give the entry that should be made at the time the lease payment is made to allocate the proper share of rent expense to each period. The lease is classified as an operating lease by Mighty Inc. Entries for operating Lease - Lessee Mighty inc. leases some of the equipment it uses. The lease term in five years, and the lease payments are to be made in advance as shown in the following schedule. January 1, 2015 $ 60,000 January 1, 2016 60,000 January 1, 2017 90,000 January 1, 2018 110,000 January 1, 2019 140,000 Total $460,000 The equipment is to be used evenly over the five - year period. For each of the five years, give the entry that should be made at the time the lease payment is made to allocate the proper share of rent expense to each period. The lease is classified as an operating lease by Mighty Inc